Home Markets Market’s violent moves will set stage for massive comeback: Art Hogan

Market’s violent moves will set stage for massive comeback: Art Hogan

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Market bull Art Hogan is looking beyond the trading week’s rough start.

The National Securities chief market strategist expects the violent moves will set the stage for a massive comeback that will prompt him to hike his S&P 500 year-end target.

“Here we are with everything for sale in a risk-off mode. People piling into the Treasurys,” Hogan told CNBC’s “Trading Nation” on Monday. “Likely, all of that gets stretched.”

The Dow saw its worst day on Monday on jitters associated with Covid-19 Delta variant risks. The S&P 500 and tech-heavy Nasdaq saw their biggest drops since May. Plus, the benchmark 10-year Treasury Note yield slid to 1.17%, a five-month low.

“This is a blip on the radar screen,” Hogan said.

Hogan believes a 5% to 10% drawdown is unfolding. But he emphasizes it would be par for the course.

“We have a 5% drawdown every year on average. Often we have a 10% drawdown on an annual basis,” noted Hogan.

In this environment, he’s encouraging…

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